Mans Best Friend

In recent years I have seen insurance companies become increasingly selective in their underwriting rules concerning writing new business for clients who have dogs. While most have their “ineligible breed” list, I frequently hear from clients that they feel they are being unfairly treated since their dog is really very gentle and has “never bitten anyone”.

While I’m sure they are telling me the truth, the simple matter of fact is that the number of dog bite claims is increasing at a rate of 8.7% and the average claim costs $24,461 in 2008 (the most recent figures available)! In total there are over 4.5 million people per year who are bitten by dogs and over 900,000 are children! Click here for the whole story

This is pretty scary stuff for writers of homeowners insurance who have to respond to these claims and, like it or not, they are justified in creating the selection criteria they find meets their risk appetite for new business policies.
If you are a dog owner I have one additional piece of advice – buy high limits of liability insurance and of course, be sure you have an Umbrella Liability policy in case your “best friend” ends up being your biggest liability!

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    About Bob Slocum
    Bob is a life long resident of Warwick, Rhode Island where he attended public school graduating in 1972 from Warwick Veterans Memorial High School. He began his insurance career at the age of 16 while he was still in high school and he became one of the youngest licensed insurance agents at the age of 18. Bob worked at the Slocum Insurance Agency while he attended the University of Rhode Island and he graduated in 1975 with a BSBA degree with a major in Finance & Insurance. In 1978 he received the insurance industry’s highest professional designation, Chartered Property Casualty Underwriter (CPCU) and in that same year he received the Certified Insurance Counselor (CIC) designation. View Robert Slocum’s LinkedIn Profile

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